Ripple cancels acquisition of Fortress Trust amid fraud concerns

Ripple, a blockchain-based payment network, has announced that it will not move forward with the acquisition of custodian Fortress Trust. The decision comes less than a month after Ripple initially agreed to the deal. Ripple's CEO, Brad Garlinghouse, stated that while the outcome is different from what was planned, Ripple will continue to support Fortress and hopes to work together in the future. Despite not acquiring Fortress Trust, Ripple will remain an investor in the company. The decision to back out of the deal comes amidst concerns about fraud and the loss of customer funds at Fortress Trust.